### Production Schedule and Cost Analysis ActivityUse the table below to answer the next three questions.The table presented displays the production schedule for **Great Balls of Fire**, a food truck specializing in flaming meatballs. **Great Balls of Fire** has a lease on the truck that costs $1200 per week, a fixed cost that remains constant whether or not the food truck operates. They may hire up to three workers to produce and sell the meatballs, where each worker costs $600 per week. The production schedule given here shows how many meatballs would be produced with varying levels of employees.| Employees | Meatballs | Fixed Costs | Variable Cost | Total Cost | Average Variable Cost ||-----------|-----------|-------------|---------------|------------|-----------------------|| 0 | 0 | | 0 | | - || 1 | 300 | | | | || 2 | 500 | | | | || 3 | 600 | | | | |#### Instructions:- Completely fill out the table.- Round all answers to the nearest cent.- Do not enter any commas, dollar signs, or units. For example, if your calculator says 12.376, just enter 12.38. If your answer is an even dollar amount, you don’t need to include the cents (for example, you may enter 10 instead of 10.00).#### Explanation:- **Fixed Costs:** The cost that does not change with the level of production. Here it is $1200 per week for the lease.- **Variable Cost:** The cost that changes with the level of production, primarily the wages for employees, $600 per employee per week.- **Total Cost:** The sum of fixed and variable costs.- **Average Variable Cost:** The variable cost per unit of output (meatballs).Feel free to use this data and instructions to learn how production costs are calculated in a real-world scenario and practice filling out cost schedules.

Introduction: Fixed Cost- The cost of production which does not change with the increase in the…

Use the table below to answer the next three questions. The below table displays the production schedule for Great Balls of Fire, a food truck that sells flaming meatballs. Great Balls of Fire has a lease on the truck itself that costs $1200 per week that must be paid whether or not the food truck produces and sells any meatballs. They may hire up to three workers to produce and sell the meatballs, workers cost $600 per week. The production schedule shows you how many meatballs would be produced with the varying levels of employees. Employees Meatballs Fixed Costs Variable Cost Total Cost Average Variab Cost 0 0 0 1 300 2 500 3 600 Completely fill out the table, please round all answers to the nearest cent. Do not enter any commas, dollar signs, or units (Ex. If your calculator says 12.376, just enter 12.38.) If your answer is an even dollar amount, you don't need to include the cents (Ex. you may enter 10 instead of 10.00)

Use the table below to answer the next three questions. The below table displays the production schedule for Great Balls of Fire, a food truck that sells flaming meatballs. Great Balls of Fire has a lease on the truck itself that costs $1200 per week that must be paid whether or not the food truck produces and sells any meatballs. They may hire up to three workers to produce and sell the meatballs, workers cost $600 per week. The production schedule shows you how many meatballs would be produced with the varying levels of employees. Employees Meatballs Fixed Costs Variable Cost Total Cost Average Variab Cost 0 0 0 1 300 2 500 3 600 Completely fill out the table, please round all answers to the nearest cent. Do not enter any commas, dollar signs, or units (Ex. If your calculator says 12.376, just enter 12.38.) If your answer is an even dollar amount, you don't need to include the cents (Ex. you may enter 10 instead of 10.00)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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